Activist investor Starboard Value LP disclosed an $800 million stake in web services group GoDaddy.
Starboard revealed this investment in a Securities and Exchange Commission filing. 6.5% stake was made in part because shares in the group were "undervalued" and therefore were an attractive investment opportunity.
GoDaddy reported fourth quarter earnings of 58 cents per share last month, beating analysts’ expectations. The company’s revenue rose +14.2% year-over-year to more than $960 million.
For the current fiscal year, GoDaddy expects overall revenues of around $3.765 billion